On April 28, Changzhou Municipal People’s Government and China National Pharmaceutical Group Corporation (Sinopharm) signed a Strategic Cooperation Framework Agreement in Wujin District Administration Center. Han Jiuyun, member of the Standing Committee of Changzhou Municipal Committee of CPC and deputy mayor of Changzhou, delivered a speech.

Zhang Yunyuan, deputy mayor of Changzhou, and Deng Jindong, chief accountant of Sinopharm, signed the Agreement on behalf of the two sides.

According to the Agreement, Sinopharm will participate in the development of Changzhou’s bio-pharmaceutical industry through joint venture, cooperation, merger, acquisition, etc.; while the Municipal Government will give positive support in terms of planning, resource allocation, administrative licensing, tax policy, industry funding, etc.

The two sides also plan to carry out further cooperation in the areas of pharmaceutical logistics distribution, bio-pharmaceutical, medical device, healthcare, pharmaceutical R & D, public hospital reform, etc. Sinopharm will set up a fund of three billion yuan for health industry in the West Taihu Lake Science and Technology Industrial Park.

Sinopharm is the largest medical and healthcare group in China which is directly managed by State-owned Assets Supervision and Administration Commission of the State Council (SASAC). It was ranked 446th on Forbes' global Fortune 500 in 2013.